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Will That Lead Convert? How to Assess the Chances

Gathering leads isn’t the goal. It’s a step. To effectively convert leads into customers, agents should know how to identify the likeliest candidates.

NEW YORK – Real estate professionals sort through various sources to find leads, such as a Facebook or Instagram presence, hosting open houses, working with larger ad websites and through their circle of influence.

However, many agents become experts at gathering leads but not so great at converting them into customers, which should be their top priority.

Tom Toole, founder and team leader at Tom Toole Sales Group, says his team operates from a top prospect list that identifies people close to buying or selling a home, those who are ready to become clients, and the most promising prospects in the CRM (customer relationship management).

Agents should forecast where their next transaction will likely come from by building a basic spreadsheet that tracks such things as client names, timeframes in which they hope to buy or sell, the geographic location where they’re buying or selling, the price point, the agent’s potential commission upon closing, and the date of last contact with the client. Agents should set a goal to speak to each of these potential customers about every 7 to 10 days.

Next, agents should give each lead a score using a 1 to 10 scale, where 1 means they aren’t likely to convert and 10 means they’re very likely to make a real estate decision soon.

This field of prospects should be nurtured to ensure that when one drops out, several others remain. To flesh out this rated list, agents should ask questions to understand the situation surrounding their prospects and how motivated they are to transact, and then prioritize their activities accordingly.

Finally, agents should focus their time and attention on the high-scoring prospects first, such as by prioritizing weekend and evening appointments for them.

Source: Inman (01/24/22) Toole, Tom

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